There is definitely utility for SWISE in both rev share from osETH minting, insurance for vault deposits in v3 (in the form of either the SWISE/ETH dLP positions or single side staking SWISE that are still part of broader tokenomics here) as well as general governance value in having the ability to dictate the future direction of the DAO which does have value though harder to quantify for sure (LDO doesn’t have “utility” currently but the optionality to dictate changes to a deposit pool of that size is not worthless/trending to zero)
I think it would be helpful to separate the tokenomics discussion into two parts - (1) Revenue Share vs (2) SWISE Emissions Incentives - so its more clear for everyone. Its important to understand the dLP discussions we have been having are largely around SWISE Emissions Incentives and putting a formalized structure around that.
- Revenue Share – v3 DAO revenue comes from osETH minting fees (~5% of ETH staking rewards) and with v3 launch the plan is to have the option to single side staking SWISE (via xSWISE) to one or more vaults as a form of insurance against tail risk slashing events in exchange for a split of DAO Revenue.
- SWISE Emissions Incentive – this is where the SWISE emissions schedule to dLP holders of 80/20 SWISE/ETH BAL pool comes in which many feel is an elegant solution to distribute a portion of the 350M SWISE we have in Treasury to new osETH minters/active users in v3 while disincentivizing typical farm & dump issues seen with large emissions schedules. (ex. The other option would be to just give 1-2% yield in SWISE emissions to osETH depositors but there is nothing stopping them from simply selling SWISE immediately, creating significant downward pressure on the token/lowering future yields) These dLP positions can be pledge as collateral to specific vaults as well for slashing insurance while at the same time remaining productive in the Balancer SWISE/ETH LP pool.
Hope this is helpful – but to summarize – revenue share is very much still a part of the discussion here and will come to SWISE single side stakers via xSWISE. The 80/20 SWISE/ETH balancer dynamic liquidity provision emissions schedule is separate from that as a go to market push to get StakeWise v3 to scale of ~300K osETH so we can go head to head with Lido & Rocketpool on quality of the product itself.